Western Bureau
THE TRAFFIC JAMS that plague the cities and major towns in Jamaica, as well as the number of cars on the highways, would indicate that there are more motor vehicles than ever operating in the country.
And, with many a car lot full of second-hand vehicles and inviting signs about the financing available, there is no sign that this will decrease anytime soon.Add to that the number of new car dealers who are trying their best to sell that 'brand-new' smell and feel, as well as the option of importing your own, and it is clear that the car business is a large part of the Jamaican economy.
For most, buying a new car is simply not an option, as it is way too expensive. In addition, saving up to buy a car is not feasible either, as that means a couple years of putting away the pennies, with the car prices going up so much in the meantime that you are always many a step behind.
So, the choice is often to find a good second-hand car, get the money for the deposit together and then access the required financing. In other words, they take a car loan. There is many a horror story about car loans, though, which will make one think twice about running off to the car mart nearest you. There is absolutely no guarantee that you will be getting a decent vehicle in the first place. A good paint job can make a terrible car look very good, but it won't stop it from breaking down.
Plus, the circumstances of the borrower's life may change. They may lose their job, or a child may become a factor. In either case, the amount of money one has to spend decreases. If you are not able to make the payments the car will be repossessed and all that money will have gone down the drain.
In addition, the interest on car loans is horrendously high. When you compare what you end up paying for the car with not just what the price that it was going for on the lot was, but also what it can be sold for, it becomes clear that the strain may not be worth it.
Take into consideration, also, that many people sell a car when it starts giving them trouble, so you may find yourself spending a huge amount of money just to keep it on the road.
Every little bit adds up, plus there is the annoyance of just having to spend more and more on a car that may have already strained the pocket in the first place.
The evaluation of a good mechanic, as well as serious thought into whether you really want to do this, is required before you sign on that dotted line and take a car loan.
